So many retail bankruptcies lately!
PacSun already bit the bullet, and now Aeropostale is following in its wake.
The teen retailer known especially for its casualwear has filed for Chapter 11 bankruptcy protection after facing stiff competition from more popular and more affordable brands like Forever21 and H&M.
According to reports, 113 stores in the U.S. and 41 stores in Canada will be shut down, while the company attempts to “achieve long-term financial security,” and continues to search for a buyer.
Things have been going so bad for the brand that the NYSE said in April it would remove the company because of its low trading price.
SADSIES!
But seriously, we hope they pull through to prevent massive layoffs or a complete shutdown. That always sucks.
[Image via Aeropostale]
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